TOKYO (AP) — Japanese technology conglomerate SoftBank Group Corp. posted a 421.8 billion yen ($2.9 billion) profit in the April-June quarter, rebounding from a loss a year earlier as its investments benefited from the craze for artificial intelligence.

Quarterly sales at Tokyo-based SoftBank Group, which invests heavily in AI companies like Nvidia and Open AI, rose 7% to 1.8 trillion yen ($12 billion), the company said Thursday.

SoftBank's loss in April-June 2024 was 174 billion yen.

The company's fortunes tend to fluctuate because it invests in a range of ventures through its Vision Funds, a move that carries risks.

The group’s founder Masayoshi Son has emphasized that he sees a vibrant future in AI.

SoftBank has also invested in Arm Holdings and Taiwan Semiconductor Manufacturing C

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